3 Tips For Business Improvements For A Growing Company!
1) Tracking mechanisms help you take crucial business decisions in a timely manner. For e.g.: Why exactly are your potential customers ending up not buying from you? What is your conversion ratio? What point should I re-order my various stock items? How do I ensure my delivery times will be met? Hence, it is essential to track every activity in your business.
2) As a growing company, it is crucial to have your business dependent on strong processes rather than dependent on people. Often entrepreneurs rely on this one key person who is responsible for multiple roles and responsibilities and the business operations is at a high risk of a breakdown, every time this key person is not available. Have department heads and a clear hierarchy therefore, with roles outlined well.
3) How do you decide whether to hire newer people to manage additional responsibilities that come along as you grow as an organization; or, promote your existing people? Never assume that people who have been with you from the start would be capable to manage bigger responsibilities.